Sometimes luck knocks when you least expect it. So here’s some scenario for you: what if you bet on lotto today and won your first-ever million (or millions) that quick? What will you do with the money?
Having that much liquidity can be overwhelming, and if you’re not used to it, you may find yourself spending it on needless things. To make the most of your newfound wealth now you’re fifty, here are amazing investments you can make:
- Cruise around the World (£143,000)
A cruise around the world doesn’t come cheap. You may end up spending almost £150,000 per passenger. The good news is it’s already a state room. Cruises are also perfect for those who want to avoid the fast-paced travel moving from one airline to another.
- Second Home for Rent (£226,000)
With the high costs of buying a home in the UK, most, especially millennials, will prefer to rent for now. If you already have a home, you are now qualified to buy another one to let. And considering your millions of money, you will pass the stress test with flying colours.
- Electric Car (£31,990)
You can now save the environment while cruising around town in style. Get yourself an electric car like a Nissan Leaf, and you can reduce the harmful carbon emissions of the planet. Moreover, you can save a lot of money on petrol. As the technology keeps getting better, you may find vehicles with longer-lasting batteries, improving your charging time.
- Professional Chef Service (£89 per person)
Don’t have time to cook? Want to lose the weight the natural way? You can now hire your own professional chef. La Belle Assiette can provide you with one for less than a hundred per person each night. With its Signature package, the chef can whip up Michelin-style dining with more than 5 courses.
- Trip to the Moon (£179,000)
The possibility of living in Mars may not happen in this lifetime, but the good thing is you can be as near as you like to be. Virgin Galactic is now offering space trips that will take you to the point of weightlessness. Not only that, a seat here increases your chance of rubbing elbows with the rich and famous.
- Hermes Himalayan (£37,000)
Not all bags depreciate. If you’re into fashion but you also want to make sure you get good returns from your investments, buy a Hermes Birkin bag. While this costs a lot, it also has a high resale value. In 2016, a Himalayan Birkin (known for its silver colour) sold at more than £200,000 in an auction.
- Health Insurance (cost varies)
When you’re fifty and above, it’s difficult to find a health insurance policy that fits your budget. Because of your age, the premium can shoot through the roof. But with enough money, you have more options. Plus, you enjoy an improved peace of mind as you don’t have to worry about healthcare costs anymore.
- Pet in an Animal Shelter (£214 per pet)
Adopt, don’t buy, pets! If you don’t have a lot of space or time to take so many, you can participate in the adopt-a-pet program of different animal shelters. You just need to give your monthly donation per pet, and the shelter takes care of their needs.
- Stocks (cost varies)
It’s never too late to invest in stocks, but you also need to take a more calculated risk. With your money, you can buy plenty of shares from blue-chip companies, which are more stable and usually have higher returns.
- Business (£15,000)
Use your lotto winnings to earn more money. You can now run your own business without having to start from scratch. Good franchises these days cost no more than £20,000, and if you find a reliable business broker, you have a thousand more choices in the market.
It’s not easy to win in a lotto game, so make the most of your luck. Spend your money well.